Another US Jobs Markdown Sets Stage for Fed Cut, BLS Criticism

US job growth in the year through March was probably far less robust than government figures currently show, underscoring a labor market that shifted into a lower gear well before the hiring slowdown this summer.

Economists at Wells Fargo & Co., Comerica Bank and Pantheon Macroeconomics expect the Bureau of Labor Statistics’ preliminary benchmark revision on Tuesday to show the March payrolls count was almost 800,000 less than currently estimated — or about 67,000 a month on average. Nomura Securities, Bank of America Corp. and Royal Bank of Canada say the downgrade could even be closer to a million.